Key Points

Bitcoin cash price declined further and broke the $460 and $450 support levels against the US Dollar.

This week’s followed major bearish trend line is still in place with resistance near $460 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair remains in a downtrend and it seems like it could continue to move down towards $400.

Bitcoin cash price is under pressure as it broke the $450 support against the US Dollar. BCH/USD is likely to extend losses towards $410 and $400 in the near term.

Bitcoin Cash Price Resistance

Recently, there was a minor upside correction above $480 in bitcoin cash price against the US Dollar. The BCH/USD pair traded towards the $490 level where sellers emerged. As a result, there was a bearish reaction and the price declined below the $470 and $460 support levels. The decline was such that the price even broke the $450 support level and is currently trading well below the 100 hourly simple moving average.

A fresh monthly low was formed at $425 before the price started a tiny range pattern. It tested the 23.6% Fib retracement level of the recent decline from the $476 high to $425 low. The price failed near the $440-445 zone and it is currently moving south. On the upside, there are many resistances near the $450 and $460 levels. More importantly, this week’s followed major bearish trend line is still in place with resistance near $460 on the hourly chart of the BCH/USD pair. Additionally, the 50% Fib retracement level of the recent decline from the $476 high to $425 low is at $451.

Looking at the chart, BCH price remains at a risk of more losses below the recent low of $425. The next target for sellers may well be $400.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 40 level.

This post was originally published on this site Russia’s draft cryptocurrency bill has been pushed back to the first reading stage, as a Duma chairman noted it has no relation to crypto or tokens. Russia’s [...]

This post was originally published on this site Like the rest of the markets, Ripple is down 20 percent in the last seven days effectively reversing previous gains. However, it remains perched at position three [...]

This post was originally published on this site Bloomberg contributor Lionel Laurent believes that Brexit Britain needs to get serious about regulating the crypto industry. Yet, he’s skeptical it can be done alone. It’s clear [...]

This post was originally published on this site eCash creator and pioneering cryptographer David Chaum unveiled his Elixxir cryptocurrency September 19 following two years of behind-the-scenes development. Targeting Consumer Scale Speaking at the Consensus Singapore [...]